*Pre-Open Daily Tech View of Nifty Spot for 19-07-2022*

BY A STAFF REPORTER 

Yesterday as expectation Gap up opening around 16150 & then strong bullish reversal specially above 16200 & that continued upto 16288 & finally settled almost top at 16278. Day to day basis Nifty was up 229 points or 1.43%. 

This is the 2nd day of rise – higher top higher bottom – against the last week corrective – consolidation phase & closed above recent high 16275 but as only in a day more than 200 points rallied over & weekly basis 1st hurdle 16300 almost reached but not crossed so before crossing that barrier initially some cooling or profit taking possible but may take some slab at 16150 area. 

*Swing basis*:-

*On the Up side* :- Nifty has formed a long bullish engulfing candle – almost Marubozu type ( Close - High & Open - Low almost same )which suggests the continuation of uptrend, that is heading towards 16450 i.e. 78.6% retracement hurdle of June decline from 16800 to 15200 roughly & then 16535 i.e. 100DSMA.

*On the down side* :- 16177 <61.8% retracement >-16137 <50 DEMA> would act as a current support zone and to maintain the uptrend that should hold. Below 16137, the uptrend would be vulnerable. In case breaches then major support 16060 <5dma> & 16000.

*Intraday basis* :- 

Positive if stays above 16300 then Resistances are – 16325-16357 & then only 16381-16414. 

Major 16450. 

Negative if breaks below 16233 then supports are – 16177 & 16137. Major 16100-16060.

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